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Buyers opposed sellers at $4.0 Level in the CAKE market
CAKEUSD Price Analysis – October 30
An increase in the buyers’ momentum will break up the resistance level of $4.8 and PancakeSwap may increase to the resistance at $5.0 and $5.5 levels. Should the sellers break down the support level of $4.6, price may decrease to $4.3 and $4.1 support levels.
CAKE/USD Market
Key levels:
Resistance levels: $4.8, $5.0, $5.5
Support levels: $4.6, $4.3, $4.1
CAKEUSD Long-term trend: Bullish
PancakeSwap is bullish in the daily chart. A strong bearish momentum sent the price to the low at the support level of $4.0 on October 13. The buyers reacted against the sudden fallen in price of Cardano: this is noticed on the daily chart with the formation of long tailed pin bar at $4.1 support level. The price increases further with the formation of more bullish candles. The price has broken up the resistance level of $4.6 testing $4.8 level.
CAKE has crossed the 9 periods EMA and 21 periods EMA upside which indicate a bullish momentum. An increase in the buyers’ momentum will break up the resistance level of $4.8 and the price may increase to the resistance at $5.0 and $5.5 levels. Should the sellers break down the support level of $4.6, price may decrease to $4.3 and $4.1 support levels. The relative strength index period 14 is at 61 levels with the signal line pointing up to indicate buy signal.
CAKEUSD medium-term Trend: Bullish
PancakeSwap is bullish in the 4-hour time frame. CAKE tested the support level of $4.1 on 13 October. Then, Sellers were ruling the world of PancakeSwap. The bearish movement could not continue as the buyers opposed the sellers with the formation of bullish engulfing candle. Price is increasing to test the resistance level of $4.8.
PancakeSwap is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Indicator period 14 is at 67 levels exhibiting buy signal.
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